Repository: UIHistories Project: Board of Trustees Minutes - 1948 [PAGE 324]

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1947]

UNIVERSITY OF ILLINOIS

323

On motion of Mr. Williamson, the placing of this insurance was authorized as recommended, subject to a check of the adequacy of the coverage.

SALE OF SECURITIES B. The Finance Committee recommends that 180 shares of Loew's, Inc., Common Stock now held as an investment of the endowment funds of the University be sold and the proceeds reinvested in E. I. duPont deNemours Common Stock at approximately 190. In order to complete such sale, the passage of the following resolution is necessary:

RESOLUTION REGARDING SALE or 180 SHARES OF LOEW'S, INC., STOCK

Whereas, the Board of Trustees of the University of Illinois is the owner of 180 shares of Loew's, Inc., stock and, Whereas, the Board of Trustees approved the sale of this stock in its regularly called meeting on March 27, 1946, Now, therefore, be it resolved, by the Board of Trustees of the University of Illinois that Lloyd Morey, Comptroller, and H . E. Cunningham, Secretary, be authorized to execute any and all documents necessary to complete such sale.

On motion of Mr. Williamson, this resolution was adopted.

PURCHASE OF SECURITIES C. The Finance Committee reports the purchase of the following securities as investments of endowment funds: $19,200 U.S.A. 2 j 4 % Series G Savings Bonds, due 2-1-59; 35 shares U.S. Gypsum Common Stock at $61 a share.

This report was received for record. The Board recessed for luncheon. AFTERNOON SESSION When the Board convened in executive session at the Blackstone Hotel on the afternoon of March 27, 1947, the following members were present: President Livingston, General Davis, Mr. Fornof, Mrs. Holt, Mr. McKelvey, Mr. Nickell, Mr. Williamson. President Stoddard was present; also Mr. Janata, Professor Griffith, Professor Morey, Professor Britton, and Mr. Cunningham.

MATTERS PRESENTED BY PRESIDENT STODDARD

The Board considered the following matters presented by the President of the University.

LEASE OF NAVY PIER DRILL HALL (1) The University has been using the Drill Hall at Navy Pier under an informal agreement with the Chicago municipal authorities since November. 1946, at an annual rental of $15,000 for approximately 60,000 square feet of space. Negotiations for a formal lease have been going on for several weeks. In so far as possible, the terms of the Drill Hall lease are identical with the terms of the lease of other areas on Navy Pier. The essential terms and important variations are as follows: 1. Subject of the lease. T h e Drill Hall, with adjoining land totaling approximately 75,000 square feet. 2. Term. January 1, 1947, to June 30, 1947, renewable for successive biennial periods until June 30, 1951, and renewable annually thereafter until June 30, 1954. T h e term is the same as that of the Navy Pier lease, except that the latter began on August 1, 1946. The most unusual feature of the Drill Hall lease is that it requires the University to vacate the main hall, 100' x 464', and the main floor office space,